Fossil fuel divestment

The most symbolic divestment to date was announced in September 2014 when the heirs to the Rockefeller oil fortune, withdrew fossil fuel investments in the $860m Rockefeller Brothers Fund.

"We are quite convinced that if he [John D Rockefeller] were alive today, as an astute businessman looking out to the future, he would be moving out of fossil fuels and investing in clean, renewable energy," said president Stephen Heintz.

View this short (3:12) video produced for Global Divestment Day in 2015.

451+ institutions have made divestment commitments globally.

Amongst these, the following New Zealand institutions have made divestment commitments:

Reasons for fossil fuel divestment

There are two major reasons for these institutions divesting from fossil fuels.

The first is a moral one that says that continuing to invest in fossil fuel worsens climate change which harms people and the environment.

The second is a financial one that says if the world moves to reduce its reliance on fossil fuels and prevent the worst impacts of climate change, fossil fuel assets could be “stranded”, and their owners could lose significant value.

On 29 September 2015, Bank of England Governor Mark Carney said investors need to wake up to the potential for huge losses from a sudden shift in regulations designed to curb global warming and the use of fossil fuels.

Be smart, invest in the future, not the past … and by doing well, do good!